Australia’s fourth oldest university, the University of Tasmania, is highly regarded internationally for teaching and academic excellence. The university offers more than 100 undergraduate degrees and more than 50 postgraduate programs across a range of disciplines. The university offers students a diverse range of opportunities, the chance to learn from leading experts, and excellent preparation for their future careers.
This subject aims to introduce you to the type of financial information that managers can expect to receive and to the techniques that can be used for analysing this information for decision making and control purposes in the business environment. Both accounting and finance are about managing financial resources but from different perspectives and with different emphases. Accounting, as the source of financial information, is the process of identifying, measuring, recording and communicating economic information to permit informed judgements and economic decisions by users of the information. The finance function in a business involves decisions about financing (where to get money, credit or loans), investing (the best combination of long-term productive assets to acquire, hold, use and sell), and dividend policy (how much cash to pay to shareholders if the company has made a profit). Financial managers specialise in these decisions and they must also know the best mix of resources to acquire and where to get necessary funds. This subject covers core concepts of financial accounting, i.e. accounting principles, financial reports preparation and analysis, and management accounting such as the Cost-Volume-Profit analysis and cost management. It also introduces you to the fundamentals of finance and the techniques used for making decisions in a business environment.